Question
Grantly Seafood is a calendar year taxpayer. In 2022, a hurricane destroyed three of Grantly's fishing boats with a $784,500 aggregate adjusted tax basis. On
Grantly Seafood is a calendar year taxpayer. In 2022, a hurricane destroyed three of Grantly's fishing boats with a $784,500 aggregate adjusted tax basis. On October 12, 2022, Grantly received a $1.2 million reimbursement from its insurance company. What is the latest date that Grantly can replace the boats to avoid gain recognition from the involuntary conversion?
Multiple Choice
December 31, 2023
December 31, 2022
October 11, 2024
December 31, 2024
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Working Conditions And Factory Auditing In The Chinese Toy Industry
Authors: Congressional-Executive Commission On China
1st Edition
1508726515, 978-1508726517
